Bank Account Switch Boom

Bank Account Switch Boom.

Since the introduction of the new bank account switching service which allows current account holders to switch account providers in only 7 days, a huge increase has been seen in the number of people switching accounts.

More than 300,000 switches were seen in the final 3 months of last year and 33 banks have signed up to the switch guarantee.

The switching service guarantees an easy process of switching your account, with a new redirection service automatically changing any payments that were made using the old account to the new one in under 7 days.

A peak of 105,000 was seen in November 2013.

The new switching service has seen a 99.6% success rate of the 7 day guarantee being met. Many account providers are using initiatives to attract new customers such as offering cash bonuses for switching to them.